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Sovereign Wealth Funds Briefing 09.Nov 2012

Posted on 09 November 2012 by VRS |  Email |Print

A lawyer for Abu Dhabi Investment Authority urged a U.S. judge on Thursday to overturn an arbitration panel’s ruling favoring Citigroup Inc in a dispute over a $7.5 billion investment in Citi during the subprime meltdown.
The Abu Dhabi sovereign wealth fund last year lost the arbitration case, which sought $4 billion in damages from what it said were the fraudulent representations by Citi leading up to the deal. At a hearing in U.S. District Court in Manhattan, a lawyer for the fund said the arbitrators applied the wrong law to come to its decision………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

Media mogul Peter Chernin has raised about $100 million from Qatar’s sovereign wealth fund to pursue investments across the media sector, according to a person familiar with the matter.
The Chernin Group, which Mr. Chernin founded in 2010, has previously raised money from private-equity firm Providence Equity Partners. Mr. Chernin now has raised more than $200 million………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

Abu Dhabi’s Aabar Investments, the top shareholder in Italian bank UniCredit, has lost its chief financial officer and another top executive, sources familiar with the matter said.
The move signals the state-owned firm, which recently divested its stake in German carmaker Daimler, may be scaling back an investment spree which has seen it take stakes in high-profile global companies since its inception in 2005………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

The chairman of the Libyan Investment Authority Muhsan Drija declared that the Court in Rome ordered release of the share of the Authority in the Italian UniCredit Bank and the Italian Vina Mechanic Group of Plane and Defense Industries.
Muhsan Drija said that he is delighted of the results that they obtained which mean more than one billion euro of assets will be under the supervision of the new elect Libyan government………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

China Investment Corp., one of the world’s largest sovereign wealth funds, is close to closing a $100-million deal to purchase a stake in Vancouver Island forest company Island Timberlands.
The reported move by China into B.C. timber comes at a time when the federal government is reviewing its policies on foreign investment by state-owned funds and less than three weeks after Ottawa rejected a $5.7-billion natural gas purchase by Malaysian state-owned oil giant Petronas………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

China Investment Corporation (CIC), the PRC’s $480 billion sovereign wealth fund, has completed its first direct office acquisition in London, according to reports in the UK national and property press.
The $480 billion state fund and joint venture partner Invesco Real Estate completed the purchase of Winchester House in the City of London for £245 million (€307.45 million; $391.88 million) from German open-ended fund manager KanAm………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

U.S. oilfield services company FTS International (FTSI) has replaced Marc Rowland as chief executive after 18 months, bringing in Greg Lanham, an executive at top shareholder Temasek, in a change that is effective immediately.
Rowland, who previously had been chief financial officer of 30 percent FTSI shareholder Chesapeake Energy Corp, was elevated to CEO of FTSI from the CFO position in May 2011………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

Managers at Kazakh bank BTA, owned by the country’s sovereign wealth fund, urged creditors to vote in favour of a debt restructuring plan which some shareholders are threatening to block.
Creditors are unlikely, however, to benefit from any assets seized from former BTA chief Mukhtar Ablyazov, they said on Thursday. The bank defaulted for the second time in three years in early 2012, on a $2.1 billion bond that was the product of a previous restructuring………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

In 2012, sovereign wealth funds have invested about €1.5bn in the Italian economy, according to research by Italy’s Banca Monte Paschi di Siena on about 60 global funds.
In Italy, those investors account for 36% of the overall capitalization of Italy’s stock exchange Borsa Italiana, and investments have grown substantially from €500m in 2011. Of the total, about 20 funds are now playing a key role in global financial markets, mainly based in Middle East, China, Russia or northern Europe………………………………………..Full Article: Source

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Posted on 09 November 2012 by VRS |  Email |Print

Azerbaijan’s $33 billion state oil fund is to help finance the $8 billion Trans-Anatolian natural gas pipeline project (TANAP) to take Azeri gas to Turkey and to markets in Europe.
Turkey has a 20 percent stake in TANAP, while Azerbaijan’s state oil company SOCAR holds 80 percent. SOCAR offered BP, Statoil and Total to buy 29 percent of the total from its stake in September………………………………………..Full Article: Source

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